This Act includes the legislation to:
-
reduce the employee class 1 NIC rate from 12 percent to 10 percent from 6 January 2024;
-
set the blended rate for directors as 11.5 percent for 2023/24;
-
reduce the Class 4 NIC rate for the self-employed from 9 percent to 8 percent from 6 April 2024; and
-
remove class 2 NIC for the self-employed with profits above the lower profits threshold from 6 April 2024.
A further change to the treatment of VAT on sanitary products also took effect from 1 January 2024.